中国游客锐减，日本百货业出现负增长

Group 1 - The core sales performance of Japanese department stores is expected to decline for the first time in five years, with a projected sales figure of 5.67 trillion yen in 2025, reflecting a year-on-year decrease of 1.5% [1] - The primary driver of this decline is the significant drop in duty-free sales, which decreased by 12.7% year-on-year, particularly evident in December 2025 when duty-free sales fell by 17.1% to 51.9 billion yen [1][2] - Despite a record high of 3.6177 million foreign visitors in December 2025, the loss of Chinese tourists has negatively impacted overall sales, as the number of Chinese visitors dropped by 45.3% [2] Group 2 - Major department store groups, including Isetan Mitsukoshi Holdings and Takashimaya, reported duty-free sales declines of 10% to 20% in December 2025, with specific reductions of 35% and 40% in sales from Chinese tourists at Takashimaya and Hankyu Hanshin Department Store, respectively [2] - The Japanese department store industry is facing a paradox of increased foot traffic but declining sales, with total foreign visitor numbers surpassing 40 million for the first time in 2025, yet average consumer spending remains weak [2][3] - Industry leaders express concerns about the ongoing impact of reduced Chinese tourist arrivals, predicting a 24% decrease in operating profits from December 2025 to February 2026, indicating a pessimistic outlook for profitability in the near term [3]